On Jul. 30, Spain issued law to urgently implement part of GDPR. Temporary legislation passed to implement necessary part of EU GDPR regulation. Need for Decree Law Constitution provides, in case of extraordinary and urgent need, the Government may make temporary legislative provisions which shall take form of a decree-law. Follows entry into force across…
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UK FCA SMR Unregulated Acts
On Jul. 27, 2018, UK FCA issued final handbook notice 57 on status of industry codes. Rules on FCA Recognized Industry Codes (DEPP, EG) Instrument 2018 (FCA 2018/36). Board has made changes to the FCA Handbook sections as follows: Glossary, DEPP 6. The FCA has also made changes the following section of the enforcement guide:…
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Cyprus – SEC Reminds of AML Amendment
On Jul. 18, 2018, CSEC issued reminder of the new provision on cash collection. New Art 5A of AML law prohibits receipt of cash of €10,000 or over, by persons selling gems, precious metal, motor vehicle, work of art, antiques, as business. Applies regardless if carried out in single act or in series of related…
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UK FCA Inside Info Disclosure
On Jun. 11, FCA proposed technical note on disclosure delay. Follows ESMA Oct. 2016 MAR guidelines on allowed disclosure delay. FCA Consultation Held discussion with a range of stakeholders on issue of identifying and handling inside information during the preparation of the entity's periodic financial reports. Proposed update note UKLA/TN/506.1 on periodic reports, and inside…
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Fed Single Party Credit Limit
On Jun. 11, 2018, Fed scheduled Jun. 14 meeting on final rule, single-counterparty limits. To establish single-counterparty credit limits and related proposal on regulatory reporting.
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FINRA Trace Treasury Reporting
On Jun. 5, FINRA proposed rules on ATS reporting of Treasuries. Amend Rule 6730 applicable to ATSs which report transactions in US Treasuries. Non-FINRA Principal Members To identify non-FINRA member subscribers on the transaction reports to TRACE. Non-member firms include hedge funds, banks and principal trade firms (PTFs). Principal trade investors often deploys proprietary automated…
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